Best Savings Accounts in Singapore (2024)
Find the best savings account in Singapore that offers the best interest rates with Singsaver.
Whether you are fresh graduate starting out or just looking for a high-yield account to park your extra funds, find your ideal savings account for your specific needs here. Compare between banks to find an account with low fees, high interest rate, and hassle-free eligibility. Apply now to open the best savings account for your needs on Singsaver to growing your savings.
Citigold
- Complete Investment Risk Profile and Fact Find Report and get S$100 cash (T&Cs apply)
- Hold a valid primary/main Citi Credit Card and get a S$300 bonus cash reward. T&Cs apply.
- Take up a Citi Home Loan and get a S$500 bonus cash reward. T&Cs apply.
- Make S$100,000 worth of investments and/or insurance purchases with Citi to enjoy S$600 bonus cash reward or more. T&Cs apply.
- Maintain a Citigold relationship for 12 months from date of approval and get a S$960 cash reward. T&Cs apply.
- Enjoy up to 7.51% p.a. interest when you join Citigold and open a Wealth First account. T&Cs apply.
- Get wealth management advice and solutions from a dedicated Relationship Manager and team of wealth specialists
- Receive in-depth global market insights and research knowledge from a team of over 400 research analysts
- Enjoy fully personalised wealth management solutions with Citigold's Total Wealth Advisor
- Citigold status is maintained at Citibank branches overseas
- Enjoy complimentary withdrawals at Citibank ATMs worldwide
- S$15 Monthly Account Fee if min. balance falls below S$15,000
- Lifestyle privileges largely comprised of dining discounts and preferential hotel room rates
Standard Chartered Priority Banking
Valid until
30 June 2024
- Earn up to 7.88% p.a. on deposits with Bonus $aver for balances of up to S$100,000
- Gain access to a full suite of wealth solutions, seasoned advice, coupled with curated market insights to achieve your financial goals
- Tap on Standard Chartered international banking network across over 30 markets for all your financial needs
- Enjoy a suite of digital wealth and convenient banking solutions that allow you to bank or invest conveniently, wherever you are
Gift Options
- Promotion is valid for new Standard Chartered banking customers only
- Open a Standard Chartered Wealth $aver account and establish a new Priority Banking relationship with a min. deposit of S$200,000 (or equivalent in foreign currency) in fresh funds to be eligible for reward
- Purchase S$50,000 (or equivalent in foreign currency) worth of eligible investment products offered by Standard Chartered Bank using fresh funds in a single day to receive S$100 account credit
- Account credit reward is capped at S$6,000
- Promotion is valid until 30 June 2024
- Terms and Conditions apply
Citigold
- Complete Investment Risk Profile and Fact Find Report and get S$100 cash (T&Cs apply)
- Hold a valid primary/main Citi Credit Card and get a S$300 bonus cash reward. T&Cs apply.
- Take up a Citi Home Loan and get a S$500 bonus cash reward. T&Cs apply.
- Make S$100,000 worth of investments and/or insurance purchases with Citi to enjoy S$600 bonus cash reward or more. T&Cs apply.
- Maintain a Citigold relationship for 12 months from date of approval and get a S$960 cash reward. T&Cs apply.
- Enjoy up to 7.51% p.a. interest when you join Citigold and open a Wealth First account. T&Cs apply.
- Get wealth management advice and solutions from a dedicated Relationship Manager and team of wealth specialists
- Receive in-depth global market insights and research knowledge from a team of over 400 research analysts
- Enjoy fully personalised wealth management solutions with Citigold's Total Wealth Advisor
- Citigold status is maintained at Citibank branches overseas
- Enjoy complimentary withdrawals at Citibank ATMs worldwide
- S$15 Monthly Account Fee if min. balance falls below S$15,000
- Lifestyle privileges largely comprised of dining discounts and preferential hotel room rates
Standard Chartered Priority Banking
Valid until
30 June 2024
- Earn up to 7.88% p.a. on deposits with Bonus $aver for balances of up to S$100,000
- Gain access to a full suite of wealth solutions, seasoned advice, coupled with curated market insights to achieve your financial goals
- Tap on Standard Chartered international banking network across over 30 markets for all your financial needs
- Enjoy a suite of digital wealth and convenient banking solutions that allow you to bank or invest conveniently, wherever you are
Gift Options
- Promotion is valid for new Standard Chartered banking customers only
- Open a Standard Chartered Wealth $aver account and establish a new Priority Banking relationship with a min. deposit of S$200,000 (or equivalent in foreign currency) in fresh funds to be eligible for reward
- Purchase S$50,000 (or equivalent in foreign currency) worth of eligible investment products offered by Standard Chartered Bank using fresh funds in a single day to receive S$100 account credit
- Account credit reward is capped at S$6,000
- Promotion is valid until 30 June 2024
- Terms and Conditions apply
CIMB StarSaver Account
- Enjoy attractive interest rates up to 3.50%* p.a. without multiple conditions
- No fall-below fee, monthly service fees or multiple conditions
- Hassle-free Online Account Opening process
- Earn 3.50%* p.a. with no cap for balances above S$250,000
- Insured up to S$100,000 by SDIC. Additional T&Cs apply.
- Minimum initial deposit of S$1,000
HSBC Everyday Global Account (Premier)
- Enjoy a quicker application process when you sign up via Singpass Myinfo
- Get access to a Family Relationship Manager for holistic advice and recommendations
- Choose from a wide range of options from securities trading, to Unit Trust to Structured Products
- HSBC Premier status is retained at HSBC branches overseas
- Receive complimentary consultations and assisted enrolment services regarding your child's overseas education needs (Related services are provided by 3rd parties)
- HSBC Premier privileges can be extended to your spouse and up to three children
- S$50 monthly service fee if Total Relationship Balance falls below S$200,000
HSBC Everyday Global Account
- Receive up to S$600 in cashback and bonus interest every month through the HSBC Everyday+ rewards programme
- Bonus cashback and interest granted by spending on HSBC debit/credit cards, making GIRO bill payments, and increasing account balance
- Sign up using SingPass MyInfo to enjoy a quicker application process
- Global Transfers lets you transfer funds to your other HSBC accounts instantly
- Get real-time exchange rates with HSBC's Online GetRate feature
- S$0 withdrawal fees at HSBC ATMs worldwide except for Argentina, Brazil, France, Greece, and several other nations
- Insured up to S$75,000 by SDIC. Additional T&Cs apply
- Standing instruction fee of S$10 per item
- Fall-below fee of S$5 if average daily balance falls below S$2,000
Standard Chartered Bonus$aver Account
- Earn up to 4.88% p.a. interest on your first S$100,000 deposit
- Apply now with MyInfo and have your application pre-filled in under a minute
- Score higher interest rates when you: Credit salary, spend on credit card, invest, insure, and make at least 3 eligible bill payments
- No initial deposit required and no online fee', 'Access up to 14 currencies with your Bonus$aver account
- Access up to 14 currencies with your Bonus$aver account
- SGD deposits insured up to S$75,000 by SDIC. Additional T&Cs apply.
- Read our full review of the Standard Chartered Bonus$aver
- Fall-below fee of S$5 if average daily balance falls below S$3,000
- Early closure fee of S$30 if account is closed within 6 months
- The average daily balance eligible for bonus interest is subject to a cap of S$80,000 per Bonus$aver account. Any average daily balance amount in excess of the cap is not eligible for bonus interest (but the prevailing interest rates will apply)
Citi Wealth First Account
- Earn up to 2.8% p.a. on your first S$150,000, depending on your banking relationship with Citibank
- 5 bonus interest rate categories available, including insurance, investments, and loans
- Enjoy complimentary withdrawals at Citibank ATMs worldwide
- Receive a complimentary debit card with S$0 conversion charges and transaction processing fees
- No initial deposit required
- Insured up to S$75,000 by SDIC. Additional T&Cs apply.
- Base interest rate of 0.01% p.a.
- S$15 Monthly Account Fee if min. balance falls below S$15,000
Citi Plus
- Earn up to 4.0% p.a. with the Citi Interest Booster Account
- Boost your returns with up to 2% cash back* (capped at S$2,000) on your Citi Cash Back+ Mastercard® Credit Card when you spend min. S$500 for a period of 12 months. In addition, enjoy up to S$699 worth of exciting gifts. T&Cs apply.
- Level up your financial literacy with wealth insights and bite-sized personal finance education content
- Access to stocks, investment funds, FX and a wide range of other financial solutions, so you can invest easily, anytime and anywhere, with the Citi Mobile App
- Achieve your goals and protect yourself from life's uncertainties with insurance solutions built around you and your changing needs
- 0.2% p.a. bonus interest earned on savings is only applicable on the incremental account balance
UOB Stash Account
- Earn 0.05% p.a. on your first S$10,000 and up to 5.00% p.a. when your monthly account balance reaches S$100,000
- You automatically receive a UOB One Debit Mastercard upon successful application. Receive up to 3% rebates when you spend with this card. T&Cs apply.
- Insured up to S$75,000 by SDIC. Additional T&Cs apply.
- Read our full review of the UOB Stash Account
- Early closure fee of S$30 if account is closed within 6 months
- Fall-below fee of S$2 if average daily balance falls below S$1,000
UOB One Account
- Earn up to 7.8% interest p.a. on your first S$75,000 when you credit a min. salary of S$1,600 or make 3 GIRO transactions monthly and make a min. credit card spend of S$500
- Choose between salary crediting or GIRO transactions to score higher interest rates, lowered salary requirement of $1,600
- Earn up to 10% cash rebate when you spend on your UOB One Credit Card or Debit Card
- Link Mighty FX to your One Account for competitive exchange rates
- UOB Mighty mobile app allows for tracking of transactions that earn bonus interest
- Insured up to S$75,000 by SDIC. Additional T&Cs apply.
- 6-month fall-below fee waiver for accounts opened online
- Read our full review of the UOB One Account
- Fall-below fee of S$5 if average monthly balance falls below S$1,000
- Early closure fees of S$30 if account is closed within 6 months
UOB Lady's Savings Account
- SuperSalary Bonus!: Earn 1% cash reward on your monthly salary credited when you save min. 20% of your salary. No min. salary credit amount required.
- SuperMom Bonus!: Earn 1% cash reward on funds deposited into your joint Junior Savers Account with your child every month. No min. deposit required.
- Enjoy female cancer coverage of up to S$200,000 and a suite of medical, dental, and wellness benefits
- No medical assessment required to receive female cancer coverage
- Complimentary yearly health check
- Enjoy dental services at S$95 nett at 14 clinics islandwide
- Enjoy a S$13 medical consultation rate across 500 clinics islandwide for you and up to 4 dependents
- Participate in complimentary Pilates group classes or discounted in-studio Pilates Mobility Fitness Sessions at S$107
- Read our full review of the UOB Lady's Savings Account
- Min. initial deposit of S$1,000 required
- S$2 charge applies if daily average balance for the month falls below $1,000
KrisFlyer UOB Account
- Earn KrisFlyer miles at a base rate of 0.4 miles per S$1 spend
- Boost earn rate up to 6.4 KrisFlyer miles per S$1 spend when you credit your salary, spend, and save
- Insured up to S$75,000 by SDIC. Additional T&Cs apply.
- Read our full review of the KrisFlyer UOB Account
- Base interest rate of 0.05% p.a.
- Bonus KrisFlyer miles earned will be capped at 5% of Monthly Average Balance in KrisFlyer UOB Account
- Fall-below fee of S$2 if average daily balance falls below S$1,000
- Early closure fee of S$30 if account is closed within 6 months
HSBC Time Deposit
- Flexible deposit period
- Automatic renewal
- Minimum deposit of only S$5,000 to open an account
CIMB FastSaver Account
- Enjoy interest rates of up to 3.50% p.a. without multiple conditions
- No fall-below fee, monthly service fees or multiple conditions
- Insured up to S$100,000 by SDIC. Additional T&Cs apply.
- Read our full review of the CIMB FastSaver Account
- Minimum initial deposit of S$1,000
- Early closure fees of S$50 if account is closed within 6 months.
BOC SmartSaver
- Earn up to 3.00% p.a. on the first S$80,000 of your account balance
- Spend on your BOC credit card: Earn up to 0.5% bonus interest
Salary credit: Earn up to 0.5% bonus interest
Make at least 3 bill payments: Earn 0.3% bonus interest - Earn up to 0.60% p.a. for account balance between S$80,001 and S$1,000,000
- Insured up to S$75,000 by SDIC. Additional T&Cs apply.
- Fall-below fee of S$3 and loss of bonus interest rates if average daily balance falls below S$1,500
Maybank Save Up Programme
- Earn bonus interest rate of up to 2.75% p.a. when you fulfill at least 3 criteria from: salary credit, credit card spend, investments, insurance, loans
- Choose from up to 9 products and services across 5 categories to boost interest rate: Save, Spend, Invest, Insure, Borrow
- Base interest rate of up to 0.3125% p.a. if balance is above S$50,000
- Insured up to S$75,000 by SDIC. Additional T&Cs apply.
- Read our full review of the Maybank Save Up Programme
- Additional interest capped at first S$50,000 of deposit
- Fall-below fee of S$2 if average daily balance falls below S$1,000. Waived for customers below 25 years old.
- Early closure fees of S$30 if account is closed within 6 months
DBS Multiplier Account
- Earn up to max. 3% p.a on your first S$100,000
- Enjoy at least 0.30% p.a. interest rate by making a PayLah! retail spend, no min. transaction amount required
- Boost interest rate by increasing your total eligible transactions per month (i.e. salary crediting, credit card spend, investments, insurance)
- Transfer foreign currency funds overseas directly with your account at zero or lower fees. Learn more.
- No initial deposit required
- No monthly account fees
- No minimum average daily balance required if this is your first DBS/POSB account
- Insured up to S$75,000 by SDIC. Additional T&Cs apply.
- Read our full review of the DBS/POSB Multiplier Account
- Fall-below fee of S$5 if average daily balance falls below S$3,000
- Early closure fees of S$30 if account is closed within 6 months
POSB Multiplier Account
- Earn up to max. 3% p.a on your first S$100,000
- Enjoy at least 0.30% p.a. interest rate by making a PayLah! retail spend, no min. transaction amount required
- Boost interest rate by increasing your total eligible transactions per month (i.e. salary crediting, credit card spend, investments, insurance)
- Transfer foreign currency funds overseas directly with your account at zero or lower fees. Learn more.
- No initial deposit required
- No monthly account fees
- No minimum average daily balance required if this is your first DBS/POSB account
- Insured up to S$75,000 by SDIC. Additional T&Cs apply.
- Read our full review of the DBS/POSB Multiplier Account
- Fall-below fee of S$5 if average daily balance falls below S$3,000
- Early closure fees of S$30 if account is closed within 6 months
OCBC 360 Account
- Earn bonus interest p.a. on the first S$75,000 of your account balance
- Score higher interest rates when you credit your salary, spend on your credit card, invest, insure, and increase your account balance every month
- Insured up to S$75,000 by SDIC. Additional T&Cs apply.
- Read our full review of the OCBC 360 Account
- Fall-below fee of S$2 if average daily balance falls below S$3,000 (first-year waived)
- Early closure fees of S$30 if account is closed within 6 months.
Savings Account By Trust
- Make 5 card transactions and earn up to 3% interest p.a. on your savings for your first S$500K
- Includes debit card that gets you up to 11% savings on groceries and food at FairPrice Group
- No foreign exchange fees on your Trust debit card
- No minimum balance
- No lock-in period
- No monthly fees or fall below minimum balance fee
- Insured by SDIC for up to S$100K
- Tiered interest rates-0.05% p.a. interest applies on balances above S$500K
POSB SAYE Account
- Enjoy an additional 2.0% p.a. interest when you credit your monthly salary, set a fixed monthly savings amount, and make no withdrawals
- No initial deposit required..
- No monthly account fees.
- Insured up to S$75,000 by SDIC. Additional T&Cs apply.
- Read our full review of the POSB SAYE Account
- Salary must be credited via GIRO using transaction reference codes 'SAL' or 'PAY'
- If there is any withdrawal performed for that month, all interest will be forfeited
POSB eMySavings Account
- Earn 0.25% p.a. when you deposit at least S$1,500 per month
- You can already start earning interest on your savings with a min. deposit of S$50
- Monthly savings amount and date can be changed via iBanking
- No initial deposit required
- No fees
- Insured up to S$75,000 by SDIC. Additional T&Cs apply.
- You will need to have an existing DBS/POSB savings or current account
OCBC Frank Account
- Maintain an account balance above S$50,000 to enjoy a 0.2% interest rate p.a.
- Earn 0.1% p.a. on your first S$25,000
- No initial deposit required for account holders below 26 years old
- Insured up to S$75,000 by SDIC. Additional T&Cs apply.
- Read our full review of the OCBC Frank Account
- Fall-below fee of S$2 if average daily balance falls below S$1,000 (waived if below 26 years old)
- Early closure fees of S$30 if account is closed within 6 months
Best Savings Accounts in Singapore
Product Name |
Minimum deposit |
Max Annual Interest Rate |
S$0 |
3% |
|
S$1,500 |
3% |
|
S$500 |
3% |
|
OCBC 360 Account
|
S$1,000 |
2.68% |
S$0 |
7.88% |
Latest Savings Account News
Read the latest news about Savings Account products in Singapore and the best money saving tips.Need some help?
No worries, we've got you covered!
What is a savings account?
It is a type of bank account you open to deposit funds. It generates interest at a more favourable rate than checking/current accounts while giving you the flexibility for you to withdraw funds. Savings accounts are different from other type of cash deposit instruments like investments and fixed deposits, as they allow you to withdraw cash without penalty.
Who can open a savings account online?
Those aged 16 and below will need to open a kids account and those aged 55 and above will have to open a senior account. Everyone else can open a savings account.
What’s the difference between a savings account and a current account?
The main difference is that a savings account earns interest while a current account doesn’t. However, banks have started offering interest on current accounts too. Current accounts also come with a cheque book to enable payments of large sums to another party. Both savings and current accounts have ATM card facilities, allow payments or transfers via Internet banking and GIRO facility.
Is an ATM card available with my savings account?
All savings accounts come with ATM cards that can be used at designated ATMs, including affiliated ATMs from other banks. Both cash withdrawals and deposits are available at your bank ATMs. Local withdrawals are free of charge and overseas withdrawals are charged a fee.
What documents do I need when applying for an account?
To open an account, you must complete the application forms. In addition, the bank requires NRIC Identity Card for Singaporeans and Permanent Residents. Foreigners need their passport, Employment Pass or S Pass, company letter and proof of residential address.
How much interest can I earn with a savings account?
The base interest rate for savings accounts are pretty low, starting from 0.05% p.a. Banks have promotions whereby they offer bonus interest rates on savings accounts if you meet certain conditions. Depending on the savings account and the promotion, you can earn up to 4.25% p.a. in your savings account.
How do I apply for a savings account?
Most banks allow new customers to open a savings account online. Complete the relevant forms and upload the necessary documents. The bank will contact you to verify your details and complete the account opening. You can also download the forms, complete them and mail it to the bank. You can also visit a branch and open an account in-person. If you’re an existing customer, it’s straightforward and hassle-free. Opening an account online is also a breeze through your bank’s iBanking system.
How do I choose the best savings account for me?
Consider the reasons why you’re opening the savings bank account. If it’s for transactional purposes, you need one that allows you easy access to your funds such as the ease of cashless payment modes or a wide network of ATMs. But if your goal is to save and grow your money, you’re better off choosing an account that offers you a higher interest on savings.
Can I convert my account into a joint account?
Mostly Yes. Visit a branch with the person you want to create a joint account with. They’ll need the same info and documents they’d need as though they were opening their own account. Also note, some accounts can’t be converted into a joint account (for example, DBS Multiplier account), for such cases check with your bank.
How do I close my savings account?
You’ll need to visit a branch and bring proof of your identity such as your NRIC.